from ALI AHAMADA in Moroni, Comoros
Comoros Bureau
MORONI, (CAJ News) – THE Comoros, an island nation in East Africa, is accelerating interoperability across financial institutions and payment service providers.
This is an effort to foster a seamless and inclusive digital payment ecosystem.
The government has selected PayLogic, a global firm in payment technology, to deliver an interoperable digital payment switch platform under the government’s Financial Sector Development Support Project (Projet d’Appui au Développement du Secteur Financier- PADSF).
PADSF aims to strengthen The Comoros’ financial sector through modernisation, transparency and enhanced accessibility.
This is hailed as representing a critical step in modernising the nation’s financial infrastructure.
By connecting diverse players in the financial sector, the system is set to make payments faster, more secure, and accessible to all.
The interoperable payment switch is to address key challenges in the financial sector by facilitating real-time, cost-effective and reliable digital transactions.
The PayLogic technology will support Comoros’ broader goals of extending financial services to underserved communities and promoting economic growth.
“This project is a testament to our dedication to delivering innovative solutions that transform financial ecosystems,” said Mohamed Mekouar, Executive Chairman of PayLogic.
“By implementing an interoperable payment switch, we are helping to create a more inclusive and efficient financial infrastructure in the Union of Comoros,” he added.
Mekouar believes the Comoros tender affirmed the company’s mission of financial inclusion.
“Interoperable payment switches reduce costs and boost digital commerce, making financial services accessible to all.”
Interoperability is a characteristic of a product or system to work with other products or systems.
Comoros is the third-smallest country in Africa by area and has a population of over 882 000. Its economy is largely driven by remittances from the Diaspora.
– CAJ News